Bitcoins have been shrouded in mystery for the common people since their very inception. As a result, the bitcoin industry has fallen prey to numerous conspiracy theories. There have been widespread speculations about the creator of bitcoins, its nature, or its true purpose even.
With the decline in people’s trust in the State and the global financial regulators, there is deep conjecture about what is true and what is just fake news. There is no way of telling what is really true these days. Another reason for people’s increasing distrust is the constant fear of surveillance by the government. Because of this, people are easily lured into creating stories of their own. Some cyberpunks see cryptocurrency as a way to escape surveillance from government and global financial institutions. Visit bitcoinx to know more about Bitcoins and cryptocurrency trading.
What Is A Conspiracy Theory?
A conspiracy theory can be referred to as an alternate way of thinking or even a dystopian creation of the future’s reality. As it is different from the mainstream news, people enjoy listening to and subsequently propagating these theories. However, conspiracy theories may be fun but can prove to be harmful as well.
Top Conspiracy Theories about Bitcoins
Here are some of the most popular conspiracy theories about Bitcoins:
Uncle Sam’s Project:
It was speculated that Bitcoin was created by the US National Security Agency in order to fund its secret missions. Bitcoins work on the proof-of-work technology which is also a part of the SHA-256 algorithm that was invented by the NSA. Having scrutinized the SHA-256 algorithm for over fifteen years, believers of this theory claim that the NSA could create a “backdoor” in the SHA-256 to track all online activity on the website.
A touch from China:
Proponents of this theory believe that the Chinese government was in charge of the creation of Bitcoin. Although China is the biggest center of crypto mining in the world, China intended to ban bitcoin mining and is in the process of testing digital yuan to compete with the US Dollar and the bitcoin. So, it’s hard to believe that China created bitcoin. However, believers are of the opinion that China developed bitcoin using its enormous financial resources and rapid advancements in technology and artificial intelligence. It is believed that China monitors global transactions via Bitcoins.
A tool of the Antichrist:
A Revelation in the Holy Bible apparently talks about a single global currency- “a mark”. This currency is somehow linked to the identity of every person, without considering social or cultural beginnings, according to the Revelation. Bitcoin’s features such as its global currency, identity tie-ups, and digital wallet nature make it look similar to the “mark”. Combined with the surveillance of the government and human microchipping instances, there are many people who actually believe this conspiracy theory.
A conspiracy theory was fueled even when Mark Zuckerberg went on to name one of his goats- “Bitcoin”. People even went on to the extent of assuming that Zuckerberg was planning on killing this goat, immobilizing it, and eventually consuming it. Taking a cue from this chain of thoughts, some people went on to say that this meant that Zuckerberg could finish the whole Bitcoin industry.
Spreading conspiracy theories has proved to be beneficial for some and they happened to go viral with such conspiracy theories. Although it looks all fun on the face of it, conspiracy theories are actually fake news and can prove to be harmful. Young and inexperienced minds often fall prey to these conspiracy theories and even go on to partake in bizarre activities.
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